SpareBank 1 Østlandet (SPOL): A good start to 2026

SpareBank 1 Østlandet’s consolidated profit after tax for the first quarter of 2026 was NOK 800 (867) million. The return on equity was 12.4 (14.1) per cent.

Net interest income including commissions from covered bond companies amounted to NOK 1,212 million, representing a decline of 6.4 per cent compared with the previous quarter.

“Several factors contributed to the decline, but there is no doubt that strong competition and the interest rate environment are impacting the bank’s earnings. Competition benefits customers and we will continue to fight for both new customers and to retain existing customers”, says Group CEO Klara-Lise Aasen.

Activity in the retail market was strong in the first quarter, and the bank is experiencing particularly strong growth in the Greater Oslo region.

“Competition in the residential mortgage market remains intense, but the bank is seeing good results from its offering of competitive terms, rapid response times and highly competent advisers”, says Aasen.

At the same time, the bank observes that many corporate customers have attractive projects they are looking to realize, but several remain cautious. Expectations of higher interest rates from Norges Bank, increased costs and geopolitical unrest reinforce this cautious outlook.

«With increased pressure on net interest margins, it is becoming increasingly important to highlight the full product offering of the financial group to our customers, ranging from asset management and insurance to real estate brokerage and accounting services. In the first quarter, commission income continued its strong development, increasing by 8.7 per cent compared with the same period last year”, says Aasen.

Net loan loss provisions amounted to NOK 41 million in the first quarter, with low individual impairment charges. The overall quality of the loan portfolio remains solid, although certain customers may experience financial challenges, which has been reflected in loan loss provisions in the past few years.

“In such situations, competent advice and strong local knowledge are especially valuable to customers. The Bank will continue to provide good solutions for its customers, including those experiencing difficult times”, says Aasen.

To preserve and strengthen competitiveness, improved cost efficiency is becoming even more important. The Board of Directors has adopted a long-term target of a cost ratio below 40 per cent for the group, excluding merger-related costs. As part of this, the bank has announced a target to reduce the number of full-time equivalents by 70 in 2027. A voluntary severance programme launched in February has resulted in a reduction of between 50 and 60 full-time equivalents. In this context, provisions of NOK 80 million for severance packages were recognised in the first quarter.

«Going forward, the bank will continue its efforts to reduce costs and improve efficiency through technological enhancements and operational adjustments. The hiring freeze introduced before Christmas 2025 remains in place», says Aasen.

Increased efficiency creates scope for growth in other areas. A key strategic focus area for the group is Greater Oslo.

« We are a local bank for Eastern Norway and have been the local bank in Oslo since 1895. We intend to remain so. As part of this, we have strengthened our focus in the region and launched initiatives to consolidate our position as the local bank. We have strengthened our Private Banking focus and recently signed a lease for new premises in Oslo for this unit”, says Aasen.

Going forward, Private Banking in Oslo will be located in the same building as SB1 Markets in Vika, which will provide us with stronger presence, visibility and a positioning that suits this segment.

“The bank will continue to leverage the strengths of the financial group and its broad product offering to an even greater extent, while operating more efficiently – for the benefit of employees, owners, customers and local communities”, concludes Group CEO Klara-Lise Aasen.

1Q 2026 (Consolidated figures. Figures in brackets concern the corresponding period in 2025) • Profit after tax: NOK 800 (867) million • Return on equity: 12.4 (14.1) per cent • Earnings per equity capital certificate: NOK 4.08 (4.44) • Net interest income: NOK 1,118 (1,173) million • Net commissions and other operating income: NOK 476 (457) million • Net income from financial assets and liabilities was NOK 104 (100) million. • Total operating expenses: NOK 829 (720) million • Net loan loss provisions were NOK 41 (51) million • Lending growth in the last quarter, including mortgages transferred to the covered bond companies: 0.9 (0.6) per cent • Deposit growth in the last quarter: 1.4 (2.3) per cent • Common Equity Tier 1 capital ratio: 17.8 (17.1) per cent

Contact information: Klara-Lise Aasen, Group CEO, Tel.: +47 476 35 583 Geir-Egil Bolstad, CFO, Tel.: +47 918 82 071 Bjørn-Erik Orskaug, Head of Investor Relations, Tel.: +47 922 39 185

This information must be disclosed pursuant to section 5-12 of the Securities Trading Act.